Income 2020: Successful transformation of the Inetum Group

Resultados 2020

The year 2020, in an exceptional context, confirmed the relevance of Inetum's business model. The year was characterised by the completion of the acquisition of IECISA, and the disclosure of the Group's new name and identity, with the aim of accelerating its growth momentum. On this occasion, Inetum also presented its strategic plan “UPSCALE23” and the main growth drivers for 2023.

Agility and performance in an unprecedented context

In the midst of an unprecedented health crisis, the Group has demonstrated agility in adapting its operational model in minimising the impacts of the pandemic, and the relevance of its business model in developing its initial roadmap. As evidence of this resilience, Inetum has made the biggest acquisition in its history with the integration of Informática El Corte Inglés (IECISA), the IT subsidiary of the retail giant El Corte Inglés. 

The acquisition of this strategic asset, in the context of a health crisis, demonstrated the Group's confidence in the future and the relevance of its offer in the integration of digital systems in the Retail, Transport, Public Administration, Smart Cities, Insurance and Health sectors. This operation also emphasises the Group's multi-sector expertise in several key topics, such as Industry 4.0, Cybersecurity, Intelligent Workplace and (SAP) ERP, with the common goal of advising and supporting companies in their digitalisation. 

As a result of this transformation and previous acquisitions, Inetum has changed its name to strengthen its position and bring together all the entities and teams, worldwide, based on a joint dynamic that reflects the Group's determination to implement its strategy. 

With a pro forma revenue of 2.2 billion euros in 2020, an increase of over 36%, the operating margin remained stable at 6.3%. (Turnover of €1.965 billion, with an increase of 23% and an operating margin of 6.3%.) The Group has consolidated its presence among the leading European companies in all vertical sectors and today has a solid portfolio of customers in mid-market, accounting for a quarter of its turnover.

Inetum has become a player of Pan-European reference in its main markets. Ranked among the top 10 IT services companies in their geographies, it is positioned in the Top 4 in Spain, the Top 5 in Belgium and the Top 5 in France. 

2020 was a year characterised by excellent growth dynamics worldwide.  Nearly 60% of Inetum's revenues are now generated internationally, with a consistent distribution of the Group's activities: €929 million in the Iberia-LATAM region, €315 million in Belgium-Luxembourg and €85 million in the EEMEA region.  At the center of this dynamic, countries such as Romania, Belgium-Luxembourg and Portugal achieved, respectively, 21.9%, 7.3% and 1.4% of organic growth.

A transformative year: the success of a development strategy


After ten years of continuous growth, 2020 was also characterised by the completion of the BOOST2020 strategic plan.  This plan has allowed to lay the foundations to stabilise the operating margin and to lay the foundations for Inetum's new strategic plan, in accordance with its new dimension. 

According to the president and CEO of Inetum, Vincent Rouaix, “our ambitious strategic decisions, based on delivery models and the industrialisation of processes, have enabled us to successfully transform our Group. The major acquisitions of IECISA, in Spain, and Realdolmen, in Belgium, allowed us to consolidate our position in geographically strategic areas for our future growth. The year 2020 demonstrated the relevance of our strategic plan, our strength and the incredible commitment of our professionals and partners. Together, we are starting a new chapter for Inetum and we are in an excellent position to add even more value to all our stakeholders through our know-how in digital flow”

Today, Inetum is perfectly positioned to take advantage of the post-COVID-19 growth opportunities and meet the new needs in terms of business digitisation.  With an integrated organisation that is closer to its customers, the Group has reached a critical size in important geographical areas.  Over 27,000 professionals are involved in Inetum's activities in 26 countries, 4,600 of whom joined the company this year.

“UPSCALE23”: a strategy that promotes the new dimension of Inetum

The Group is looking towards 2023 with combined organic and acquisition growth objectives, based on 5 pillars: 

  • Boosting the mid-market: a complete offer to meet customer needs, in particular the mid-market, as it represents an exceptional opportunity for the Group.
  • State-of-the-art solutions and resources: a global portfolio strengthened with state-of-the-art solutions and major investments in the areas of cloud, cybersecurity, automation and data analysis.
  • Entry into new markets: certain European markets seem to be prepared for consolidation.
  • Increase in margin: continue scaling in the main geographic areas, as well as industrialising processes to reach the best operators in this category. 
  • Market consolidation: a highly fragmented market in consolidation, which gives Inetum the opportunity to integrate the best players in its ecosystem.

In order to follow the market development in the medium term, Inetum will strengthen its 6 main business areas with the support of its teams:

  •  Consulting: business and technology consultants who contribute to the performance of digital flow, in business and processes, through bold digital strategies. 
  •  Application and infrastructure services: performance-driven agile engineering and local services, designed and implemented for all business environments.
  •  System integration: architecture and urbanisation of information systems, combining improved solutions and a continuous capacity for adaptation and integration for long-lasting performance.
  •  Global outsourcing: competence delivered by service centres which take advantage of global proximity for the optimisation of agile and available information systems, managed with a permanent strategy to focus on savings. 
  •  Value-added reselling: strengthened partnerships and certified competencies to optimise the best software and hardware on the market. 
  •  Software: R&D supported by FabLabs' innovation with the aim of developing vertical and multisector solutions worldwide.